Why Manchester United Stock Soared This Week
The long, drawn-out sale of English Premier League club Manchester United (NYSE: MANU) seems to be nearing an end, and if reports are to be believed, shareholders will get a payout. The excitement pushed shares of the soccer club up as much as 37% this week, according to data provided by S&P Global Market Intelligence.
Manchester United is one of the best-known sports brands globally, and one of the few that is publicly traded. The team is majority owned by the Glazer family, but some of its shares trade on the New York Stock Exchange.
That could all soon change. Last fall, the Glazers reportedly hired bankers to explore options. Since then, the talk has focused on two primary bidders, with one said to be mulling buying only the Glazer stake and leaving the common shares outstanding.
Source Fool.com
